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Barclays was fined £290m by UK and US authorities after it allegedly adjusted its Libor interest rate submissions. Libor is the London Interbank Offered Rate - a measure of the rates banks are charging to lend to each other.

Elsewhere, Mr Buxton said he had also written to the bank to ask whether it believed its replacement chief executive should come from inside or outside the bank.

“Our strong preference would be for an external candidate,” he said.

He added that he agreed with other commentators who have warned that other UK banks will be dragged into the scandal in the coming months.